Cardiac Assist Devices Market - Forecast(2023 - 2028)
Cardiac Assist Devices Market Overview
- The factors such as rising adoption of innovative various cardiac assist devices owing to rise in the incidence of heart failures and several patients with cardiovascular diseases (CVDs) such as myocardial infarction are amongst the major factor projected to impel growth of cardiac assist devices market.
- Additionally, factors such as rising government funding for product development and ongoing research activities are to create opportunities paving a way for the growth in the market during the forecast period 2021-2026.
Cardiac Assist Devices Market Segment Analysis - By End Users, 2020(%)
Cardiac Assist Devices Market Segment Analysis - By Modality
Cardiac Assist Devices Market Segment Analysis - By End Users
On the basis of end users, hospital segment accounted for the largest segmental revenue of the cardiac assist value market in 2020. The large share can be attributed to the high adoption of cardiac assist devices among hospitals, owing to the emergence of the COVID-19 pandemic coupled with the increase in the number of several cardiovascular diseases cases such as myocardial infarction globally are also to boost the adoption of such devices in hospitals, and this will accelerate the growth of the hospital segment in the CADs market during the forecast period 2021-2026.
Cardiac Assist Devices Market Segment Analysis - By Geography
North America is the major region dominating the cardiac assist devices market with a market share of 37.90% in the year 2020. This can be attributed to the fact that the rise in demand for cardiac assist devices sales is increasing owing to the availability of advanced features such as connectivity with Bluetooth and smart countdown. Furthermore, the presence of well-established reimbursement policies and increasing awareness pertaining to ventricular assist devices such as bridge-to-transplant, destination therapies, etc. are boosting the cardiac assist devices market share, which further fuels the regional market.
Cardiac Assist Devices Market Drivers
Rapid Adoption Of Cardiac Assist Devices
Cardiac Assist Devices Market Challenges
High Price Of Cardiac Assist Devices
Cardiac Assist Devices Market Landscape
- In October 2019, Abbott received FDA approval for the HeartMate 3 left ventricular assist device (LVAD) as destination therapy for advanced heart failure patients who are ineligible for a transplant.
- In May 2019, Abiomed launched the Impella CP commercially with SmartAssist at the 2019 Society for Cardiovascular Angiography & Interventions (SCAI).